FEATURED INSIGHTS

Value Added Tax (VAT) was introduced in the United Arab Emirates (UAE) on 1 January 2018 under Federal Decree-Law No. (8) of 2017 on Value Added Tax. Under the UAE VAT Law, businesses are required to register for VAT upon crossing the mandatory registration threshold (AED 375,000 in the last 12 months), while they also have the option to register voluntarily upon meeting the voluntary threshold (AED 187,500 in the last 12 months) Once a business receives its Tax Registration

Introduction And Background It is a common global practice for families to manage their wealth across generations by establishing a Trust, Foundation, or a similar entity. These structures are primarily established not for conducting business activities, but for: Managing family wealth Handling investment portfolios Holding real estate and other properties Ensuring long-term preservation and succession planning Sometimes, such entities may earn incidental income related to we

Background In today’s global business landscape, it’s common for companies to purchase goods from a supplier and instruct the supplier to deliver those goods directly to the end customer — a practice often referred to as the “Bill to Ship to” model.  vat-implications-on-transactions-where-goods-are-supplied-to-a-uae-customer-but-delivered-outside-th But when these transactions involve both UAE and non-UAE parties, VAT treatment can become a grey area. Understanding how VAT ap

Issues Addressed:   • VAT treatment in case of Sale of Building   • Date of Supply Rules in case of supply of building   • VAT treatment...

The definition of an Investment Fund Management Business encompasses Licensees that provide discretionary investment management services in relation to domestic or foreign “Investment Funds”. It includes making investment, divestment and risk related decisions on behalf of an Investment Fund Core Income Generating Activities (CIGA’s) • Taking decisions on the holding and selling of investments • Calculating Risk and Reserves • Taking decisions on currency or interest fluctuat

Definition To undertake a Shipping Business, a Licensee must operate one or more ships in international traffic, for the transport of either passengers, cargo or both. Excluded from definition: • vessels used for fishing; • vessels that are “small” (i.e. tonnage does not exceed ten tonnes); and • leisure vessels (e.g. cruise ships and private yachts). Core Income Generating Activities (CIGA’s) • Managing crew (including hiring, paying and overseeing crew members) • Overhaulin

Distribution and Service Centre Business means a centre that carries any of the following businesses: purchasing from a Foreign Group Company component parts or materials for goods; or goods ready for sale, and reselling such component parts, materials or goods providing consulting, administrative or other services to Foreign Group Company Core Income Generating Activities A Distribution and Service Centre Business performs any of the following activities: transporting and st

Holding Company Business is a business that  has as its sole function the acquisition and holding of shares or equitable interests in other companies, and only earns dividends and capital gains from its equitable instruments Core Income Generating Activities (CIGA) The CIGAs of a Holding Company Business are all activities related to acquiring and holding shares or equitable interests in other companies, provided such activities do not constitute another Relevant Activity.  

Hello Friends, You must be receiving an email from FTA with a subject line: (Reminder) Restriction on VAT301 Form Lets understand! 1. What is VAT 301 form? VAT 301 is an Import Declaration Form used for making VAT Payment on imports made by a person registered under VAT and have valid TRN. 2. Why are we receiving this email from FTA? This is a general reminder communication that this form will be deactivated from 23-02-2021 for all the users.  3. Is any action required? SITUA

Hi Folks! This morning I came across an interesting question from a friend who had come on a tourist visa to UAE. He had purchased an expensive camera through an online shopping website and wanted to know if he could get the VAT refund while leaving back to his country. UAE Government has a scheme in place for facilitating tourists who visit UAE, where they can claim the VAT (Value Added Tax) refund on their purchases made during their stay in the country. They can get a refu